Tag Archives: Special situation



Global Sources (GSOL) – Tender Offer with likely Odd Lot provision – 8% potential

Current Price – $6.96

Offer Price – $7.5

Upside – $53 or 8%

Expiration date –  TBD

There is no info yet whether there will be odd lot provisions, but previous GSOL tenders in (2010 and 2014) had odd lot provisions.

SEC Filling

Summary:

Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June 2015, with expected completion before the end of July 2015, for up to 6,666,666 shares, or approximately 22.05% of its



Global Net Lease (GNL) – Odd Lot Tender Offer – $120 guaranteed return

Current Price – $9.27

Offer Price – $10.5

Upside – 13% or $122

Expiration date –  29 June 2015

SEC Filling

Summary:

Global Net Lease, Inc, invites our stockholders to tender up to 11,904,761 shares of our common stock, par value $0.01 per share, for purchase by us at a price of $10.50 per Share. If the Offer is fully subscribed, we will purchase 11,904,761 Shares, which will represent approximately 6.3% of the issued and outstanding Shares as of immediately after the

 

Apple Hospitality REIT (APLE) – Odd Lot Tender Offer – $100/$300 upside

Current Price – $17.99

Offer Price – $19 – $21

Upside – 16.7% or $300 (for odd lot holders if upper pricing limit is used) or 5.6% or $100 (for odd lot holders if lower pricing limit is used) or

Expiration date –  22 June 2015

SEC Filling

Summary:

Apple Hospitality REIT, Inc., a Virginia corporation, is offering to purchase for cash up to $200,000,000 in aggregate Purchase Price (as defined below) of the Company’s common shares, no par value (“Shares”), at



Emcore Corp (EMKR) – Odd Lot Tender Offer – Risk Free Upside of $50

Current Price – $6.26

Offer Price – $6.25 – $6.75

Upside – 7.9% or $49 (for odd lot holders if upper pricing limit is used)

Expiration date –  15 June 2015

SEC Filling

Summary:

We are offering to purchase Shares in the Offer up to an aggregate purchase price of $45 million. Upon the terms and subject to the conditions of the Offer, we will determine a single per Share price that we will pay for Shares properly tendered and not



Nam Tai Property (NTP) – Odd Lot Tender Offer – $30 guaranteed return

Current Price – $5.19

Offer Price – $5.5

Upside – 6% or $31

Expiration date –  29 May 2015

SEC Filling

Summary:

Nam Tai Property Inc., a British Virgin Islands corporation (the “Company”), is offering to purchase up to 3,000,000 shares of the Company’s common stock, par value $0.01 per share (the “Company Common Stock”) at a price of $5.50 per share. The 3,000,000 shares represent approximately 7 % of our issued and outstanding Company Common Stock as of April 28, 2015

No



KCG Holdings (KCG) – Odd Lot Tender Offer – risk free upside of $50

Current Price – $13.48

Offer Price – $13.5 – $14

Upside – 3.7% or $50 (for odd lot holders if upper pricing limit is used)

Expiration date –  2 June 2015

SEC Filling

Summary:

KCG Holdings, Inc. is offering to purchase for cash up to $330,000,000 of shares of our Class A Common Stock, par value $0.01 per share, at a price not greater than $14.00 nor less than $13.50 per Share, net to the seller in cash.

If the Offer is fully



Celestica (CLS) – Odd Lot Tender Offer – 9% upside

Current Price – $12.24

Offer Price – $11.7 – $13.3

Upside – 9% or $105 (for odd lot holders if upper pricing limit is used)

Expiration date –  1 June 2015

SEC Filling

Summary:

Celestica Inc. invites the holders of its subordinate voting shares to tender, for purchase and cancellation by the Corporation, up to US$350,000,000 in value of its Shares pursuant to (i) auction tenders in which the tendering holders of Shares specify a price of not less than US$11.70 per Share and not more



Intelligent Systems (INS) – Odd Lot Tender Offer – minimal upside currently

Current Price – $2.95

Offer Price – $2.55 – $3.00

Upside – $5 (opportunity might improve before the offer expires as stock is volatile on a daily basis)

Expiration date –  19 May 2015

SEC Filling

Summary:

Intelligent Systems Corporation, a Georgia corporation, is offering to purchase for cash by means of a “modified Dutch auction” (described below) shares of its common stock, par value $0.01 per share, pursuant to (i) auction tenders at prices specified by the tendering shareholders of



Renren (RENN) – Odd Lot Tender Offer – minimal upside currently

Current Price – $2.66

Offer Price – $2.4 – $2.75

Upside – 3.4% or $10 (opportunity might improve before the offer expires)

Expiration date –  29 April 2015

SEC Filling

Summary:

We will purchase up to $50 million in value of ADSs in the Offer or such lower amount equal to the value of the ADSs properly tendered and not properly withdrawn. At the maximum Final Purchase Price of $2.75 per ADS, we could purchase 18,181,818 ADSs if the Offer is



SL Industries (SLI) – Odd Lot Tender Offer – no upside currently

Current Price – $43.41

Offer Price – $39- $42

Upside – no upside currently (opportunity might appear before offer expiration)

Expiration date –  23 April 2015

SEC Filling

Summary:

SL Industries, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 512,820 shares of its common stock, par value $0.20 per share, at a price not greater than $42.00 per share nor less than $39.00 per share. At the maximum purchase price of $42.00 per share,



ITEX Corp (ITEX) – Odd Lot Tender Offer – 11% guaranteed return

Current Price – $3.61

Offer Price – $4

Upside – 11% or $39 ( for odd lot holders)

Expiration date –  15 April 2015

SEC Filling

Summary:

We are offering to purchase your shares at a price of $4.00 per share. We are offering to purchase 750,000 shares validly tendered in the tender offer, or such fewer number of shares as are properly tendered and not properly withdrawn prior to the expiration date (as defined below). 750,000 shares represent approximately 26.1% of our outstanding



BBX Capital (BBX) Tender Offer with 10% upside

Current Price – $18.26

Offer Price – $20

Upside – 10% (due to proration the realized upside will be lower)

Expiration date –  24 April 2015

Trading Strategy – This is not an odd lot offer. 60% of the float will be bought out (meaning proration will be better than 60%), which makes the current spread seem very profitable. The strategy is to buy BBX stock and tender all amount. Then after the tender offer ends and preliminary results of the offer are



Malibu Boats (MBUU) – Odd Lot Tender Offer – $70 potential

Current Price – $22.8

Offer Price – $21 – $23.5

Upside – 3% or $70 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  9 April 2015

SEC Filling

Summary:

We are conducting the Offer by means of a procedure commonly called a “modified Dutch auction.” Upon the terms and subject to the conditions of the Offer, we are offering to purchase for cash Shares and LLC Units pursuant to (i) Auction Tenders at prices specified



FNFV Group (FNFV) – Odd Lot Tender Offer – 6% potential

Current Price – $14.5

Offer Price – $14.3 – $15.4

Upside – 6.2% or $90 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  20 March 2015

SEC Filling

Summary:

FNF invites its stockholders to tender some or all of their Shares for purchase by us. Upon the terms and subject to the conditions of this Offer to Purchase and the Letter of Transmittal, we are offering to purchase Shares pursuant to (i) Auction Tenders at